SSF. Fund Managers Report BEST FUND OVER 3 YEARS BEST FUND OVER 10 YEARS. April 2018
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1 SSF Al-Ameen Shariah Stock Fund Fund Managers Report April 2018 BEST FUND OVER 3 YEARS BEST FUND OVER 10 YEARS Rated AM1 by JCR-VIS Exhibiting Excellent Management Characteristics. call sms INVEST to Disclaimer: All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and risks involved. *Fund Type Open-end, Fund Categorization Shariah Compliant Equity Scheme Source:
2 Market Review & Outlook From the CIO's Desk The benchmark KSE 100 Index finished flat in April giving up all of the gains recorded earlier in the month. Following strong performance in the preceding month (+5.4%), April started off on a strong note with the Index posting a high of 46,638 points on positive budget expectations and announcement of the much awaited amnesty scheme. However, investor enthusiasm eventually tapered off in the backdrop of weak quarterly results and increasing political noise. Trading activity picked up as average daily traded volumes increased to 104mn shares against 74mn shares in March. Foreign investors remained net sellers offloading shares worth USD 17.4mn shares, including one large transaction in OGDC, while local institutions mopped up shares worth USD 73mn. CPI inflation for April came above expectation clocking at 1.8%MoM mainly because of a surprise 3.1% rise in quarterly house rent inflation. Nonetheless, due to base effect, headline inflation rose by just 3.7%YoY. On FYTD basis CPI has averaged 3.8% well within SBP s full year target of 6.0%. However, NFNE core inflation hit a 41 month high of 7.0% in April which may prompt the central bank to increase its policy rate in the upcoming monetary policy review meeting. Further, going forward, we foresee a rise in headline inflation as the impact of high international oil prices and currency depreciation (~10%) becomes fully visible and food prices rise in the month of Ramadan. The 9MFY18 current account deficit stood at USD 12.0bn against USD 8.0bn for the same period last year. The increase in deficit is largely attributable to higher trade deficit (+20.7%). Besides reserves drawdown, the government is hitherto relying on bilateral loans to fund the aforesaid the deficit. The tax amnesty scheme, if successfully implemented, should provide further balance of payments buffer on expected oneoff foreign inflows. However, Pakistan s external woes are structural in nature driven by a weak fiscal position, little exportable surplus and low value addition. To permanently address the issue, the government will have to enact meaningful economic reforms or the economy will continue to remain in the boom and bust cycles. On the global front, fears of a trade war are expected to keep international markets volatile though rhetoric has toned down of late, while oil prices continue to make new highs on dissipating supply glut, solid global growth outlook, strong compliance with output cuts by OPEC and non OPEC oil producers and fears that US will not ratify Iran Nuclear deal in the upcoming review. Any sustained rise in global oil prices will be negative for the domestic economy given Pakistan s significant reliance on imports to meet its energy needs. In the short term, we expect the market to take cue from politics as the incumbent regime will step down towards the end of this month, giving way to an interim set up. Developments on the tax amnesty scheme would also impact market performance as an above expected response should boost investor sentiment. Over the long run, tough decisions to address structural issues besetting the economy should lend confidence to the investors. Currently, PSX trades at an earnings yield of ~10%, offering nearly ~350bps premium over the short term government paper. Notwithstanding any short term hiccups in the months to follow, we expect the equity market to deliver superior return vis à vis other asset classes over a 1 year time horizon. We recommend our investors to invest in our equity funds as per their risk appetite and return expectations. For instance, our UBL Asset Allocation Fund (UAAF) offers an appropriate strategy for investors with low to moderate risk tolerance. This fund invests in a diversified portfolio of stocks, bonds, and money market instruments. It has the potential to earn returns well above those on offer in Money Market and Income Funds, while limiting risk by investing no more than 40% of its assets in stocks at any point in time. For those, with higher risk tolerance and return expectations, we have United Stock Advantage Fund which offers pure exposure to the domestic equity market. We strongly recommend our investors to also invest in our Conventional Voluntary Pension Scheme (UBL Retirement Savings Fund) in order to avail tax benefits, grow their long term savings and achieve retirement security. For thosewith a longer investment horizon, we recommend a high exposure to Equity Sub Fund of the Scheme. We have been following an aggressive investment strategy in this Sub Fund considering its long time horizon and low liquidity/redemption pressures. The strategy has performed well and the Equity Sub Fund has generated an absolute return of % (KSE 100 Index: % since inception). This translates to an average annualized return of 27.83% p.a. (KSE 100 Index: 20.50% p.a.) thus outperforming the KSE 100Index byasignificantmargin. Syed Suleman Akhtar, CFA Chief Investment Officer UBL Fund Managers
3 Market Review & Outlook Money Market Review & Outlook Equity Market Review & Outlook Secondary Market Yields 1st 30th April 2018 Performance of 10 stocks with highest weights in KSE 100 index 30 Apr 18 High Low Avg Company Price % Change 0 7 Days 6.0% 6.1% 6.0% 6.0% Habib Bank Ltd % 03 Months 6.0% 6.1% 6.0% 6.1% Oil & Gas Development Co. Ltd % 06 Months 6.1% 6.1% 6.1% 6.1% Pak Petroleum Ltd % 12 Months 6.1% 6.2% 6.1% 6.1% United Bank Ltd % 03 Years 6.2% 6.2% 6.2% 6.2% Engro Corporation Ltd % 05 Years 6.2% 6.3% 6.2% 6.3% Nestle Pakistan Ltd. 12, % 10 Years 6.3% 6.4% 6.3% 6.4% MCB Bank Ltd % Lucky Cement Co. Ltd % Inflation April 2018 Pak Oilfields Ltd % CPI Core Inflation Hub Power Co. Ltd % NFNE Trimmed Mean Year on Year 3.7% 7.0% 5.0% Foreign Investors Portfolio Investment (USD Mn) 12 Monthly Moving Avg 3.9% 5.6% 4.4% Month to date (17.4) 12 Months High 5.0% 7.0% 5.0% From 1 July' 17 to Date (141.3) 12 Months Low 2.9% 5.2% 4.0% Treasury Bills Auction 25th April 2018 Major Commodities Amount in PKR Billions Accepted Latest Cut off Previous Cut off Closing Price % Change 3 Months 1, % 6.26% Oil (USD/bbl) % 6 Months % Gold (USD/oz) 1, % 12 Months No Bid Received Silver (USD/oz) % Total 1,467.7 Cotton (US /lb) % PIB Auction 18th April 2018 Performance of Stock Market Indexes and Stock Funds managed by UBL Funds Amount in PKR Billions Accepted Latest Cut off Previous Cut off FYTD CYTD 3 Years % KSE 100 Index 2.3% 12.4% 5 Years % USF 3.3% 10.9% 10 Years % KMI % 12.3% 20 Years No Bid Received ASSF 5.6% 9.2% Total 33.0 Analysis eheadline Consumer inflation Pricerose Index by 3.7%YoY (CPI) forand Sep'17 1.8%MoM. increased On FYTD by 3.86%YoY basis CPI has compared averaged ato3.8% 3.88% well in within Sep'16SBP s and last fullmonth's year target 3.4%. of The 6.0%. month on month However, NFNE core surgeinflation priceshit wasa 41 mainly month high account of 7.0% of increased April. We prices expect of perishable a rise in headline food items. inflation as the impact of high international oil prices and currency depreciation (~10%) becomes fully visible and food prices rise in the month of Ramadan. Following the benign world commodity prices trend, the SBP in its last The meeting 9MFY18 regarding current monetary account policy, deficithe stood Stateat Bank USDof12.0bn Pakistan against (SBP) inusd its 8.0bnforthesameperiodlastyear.Theincreaseindeficitislargely latest monetary policy, decided to keep its policy rate unchanged at 5.75% attributable adopting a cautious to higher stance. trade deficit (+20.7%). To address this issue, the government will have to ensure meaningful economic reforms or such issues will continue to derail economy. The external account position finally saw some signs of relief as current SBP account in its deficit last for monetary Aug 17 came policyinmeeting at USD 550mn decideda sharp to keep decline policy relative rates unchanged to USD2bn in at the 6.00% previous citing month. low inflation 2MFY18 along CADwith clocked confidence in at USD in recent 2.6bn policy againstaction USD to 1.3bn address last CAD. year, Inhowever the next going MPCforward meeting we expect the central monthlybank run rate to increase to normalize its policy at a manageable rate in the upcoming level of ~USD1bn, monetary aided policy by review proposed meeting RDs onprompted non essential by increased imports. core inflation. FX reserves by the end of Apr 18 stood at USD 17.7bn. The tax amnesty scheme The GoP'sfor FX reserves Overseashave Pakistani s stood atshould USD 20,052mn provide atfurther endbalance of Sep'17. of payments The decrease buffer wason mainly expected due to one off external foreign debtinflows servicing providing and other respite official to the payments ailing external by the GoP. account situation. Analysis The benchmark index KSE 100 broke Index its finished losing streak flat posting April gains givingof up2.92% all ofduring the gains the September 17 recorded earlier with in the themonth. index Trading closing activity at 42,409pts, picked up still as~20% average off daily its peak traded of 52,876pts volumes increased set May 17. to 104mn Trading shares activity against remained 74mnlaggard sharesasin investor March. chose Foreign to remain investors onremained the sidelines net sellers on account offloading fluid political shares worth situation USDwith 17.4mn average shares, daily value including traded onefalling largetotransaction USD ~76mn, inlowest OGDC, monthly while local average institutions for CY17. mopped up shares worth USD 73mn. The external account position finally saw some signs of relief as current account deficit On thefor global Aug 17 front, came fears in at ofusd a trade 550mn wara are sharp expected decline to relative keep to international USD2bn the markets previous volatile month. though 2MFY18 rhetoric CAD has clocked toned in at down USD of 2.6bn late, against whileusd oil prices 1.3bn last continue year, to however make going new highs forward onwe dissipating expect the supply monthly glut, run solid rateglobal to normalize growth at outlook, a manageable strong compliance level of ~USD1bn, with output aided by cutsproposed by OPECRDs and on non OPEC non essential oil producers imports. Inand our opinion, fears that indication US will not by the ratify PMIran to rely Nuclear on policy dealreforms in the upcoming to curtail review. imports Any of sustained non essential rise inature globaland oil prices improve will be taxnegative collection for the stands domestic as a economy noteworthy given steppakistan s in the right significant direction. reliance Following on imports this GoPtowill meet have its to energy take needs. stringent policy actions and reform measures to ease the overall deteriorating deficit position for overall macroeconomic stability. In the short term, we expect the market to take cue from politics as the incumbent PSX currently regime trades will at step a PE down of ~8.1x towards a steepthe discount end of of this ~46% month, to regional giving way peers, to an offering interima dividend set up. Developments yield of ~5.4% on compared the tax amnesty to ~2.5% scheme on average would on also offerimpact in the market Asia Pacific performance region. Weas believe an above expected the economicresponse vulnerabilities shouldhave boost been investor more sentiment. than priced inover at current the long run, levels with tough thedecisions benchmark to KSE 100 address index structural offering issues an besetting earnings yield the economy of ~12.4%, should a ~610bps lend confidence premiumto the over investors. government paper. We believe current levels offer opportune entry expected GoP policy reforms should Currently, allay macroeconomic PSX tradesvulnerabilities at an earnings allowing yield of for~10%, the benchmark offering nearly to post ~350bps robust premium double digit over returns the short term over a 1 year government time horizon. paper. Notwithstanding any shortterm hiccups in the months to follow, we expect the equity market to deliver superior return vis à vis other asset classes over a 1 year time horizon.
4 UBL Money Market Fund Investment Objective The objective of UBL Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy liquidity to its investors by investing a major chunk of the portfolio in short term government securities. Fund Performance Fund Information UMMF 1 UMMF 2 Benchmark Fund Type Open end FY YTD (p.a.) 5.07% 5.09% 5.27% Fund Categorization Money Market April 2018 (p.a.) 5.50% 5.65% 5.54% Risk Profile Low Since Inception (CAGR) 7.99% 8.63% Launch Date 14 Oct 10 Standard Deviation* 0.14% 0.12% Benchmark 70% Average of 3M PKRV rates + 30% 3M Sharpe Ratio** (6.79) (6.26) average deposit rate of three 3 AA rated Weighted Avg Time to Maturity Days scheduled Banks as selected by MUFAP Expense Ratio % Listing Pakistan Stock Exchange (PSX) Trustee Central Depository Company (CDC) Auditor KPMG Taseer Hadi & Co Management Co.Rating AM1 (JCR VIS) Fund Stability Rating AA (f) (JCR VIS) Mar'18 Apr'18 % Minimum Investment Rs. 500 Fund Size (PKR Mn) 1,220 1, % Load 1% (Front end) Fund Size excluding FoFs (PKR Mn) 1,146 1, % Dealing Days Monday to Friday NAV (PKR) Simple Annualized Return 2 Morning Star Return % Cut off times Issuance: 4:00 PM (Mon Fri) Redemption: 9:30 AM (Mon Fri) * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate Pricing Mechanism Backward 3 This includes 0.24% representing government levy, Worker's Welfare Fund and SECP fee. Management Fee 7.5% of gross earnings (with min. fee of 0.25% p.a. & max fee of 1% p.a.) Note: Benchmark has been changed effective from October 2016; Previously 75% 3M PKRV + 25% 3M TDR Fund Manager Syed Sheeraz Ali (with AA or better banks) Investment Committee Yasir Qadri Syed Suleman Akhtar, CFA *Actual Management Fees charged for the month is 0.50% based on average net assets (annualized). Members Head of Risk Farhan Bashir Syed Sheeraz Ali Portfolio Quality (% of Total Assets) AA, 1% Others, 1% AA+, 10% AAA, 0% * Head of Risk non voting observer Asset Allocation (% of Total Assets) Feb'18 Mar'18 Apr'18 Placements with Banks 3% 8% 0% Placements with DFIs 5% 0% 10% PIB 0% 0% 0% GOP Ijarah Sukuk 0% 0% 0% T Bills 69% 0% 88% Cash 22% 91% 1% Others 0% 1% 1% Government Leverage Nil Nil Nil Securities, 88% Total amount invested by FoFs is PKR Mn Since 3 Months 6 Months 1 Year 3 Years 5 Years Disclosure of Excess Exposure (Per Asset class) as at December 31, 2017 Inception Name of Investment Exposure Type % of Net Assets Limit Excess/ Less UMMF (p.a) 5.60% 5.30% 5.07% 5.28% 6.38% 7.99% Benchmark 5.47% 5.34% 5.26% 5.56% 7.00% 8.63% Returns are annualized using the Morningstar Methodology Value of 100 Rupees invested 12 months ago Disclosures regarding Sindh Workers Welfare Fund The Fund/Scheme has maintained provisions against Sindh Workers Welfare Fund liability to the tune of Rs. 2,250,457, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.21/0.20% Monthly Yield* May'17 Jun'17 Jul'17 Aug'17 Sep'17 Oct'17 Nov'17 Dec'17 Jan'18 Feb'18 Mar'18 Apr'18 CYTD UMMF 4.22% 5.68% 4.62% 4.74% 4.77% 5.04% 4.74% 4.78% 5.47% 5.48% 5.67% 5.65% 5.57% Benchmark 5.23% 5.22% 5.19% 5.17% 5.17% 5.16% 5.19% 5.22% 5.22% 5.38% 5.48% 5.54% 5.40% *Returns are annualized using the Morningstar Methodology For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. All returns are calculated assuming reinvested dividends. The calculation of performance does not include cost of sales load. MUFAP's Recommended Format Page 6
5 UBL Stock Advantage Fund Investment Objective USF is an open end Equity Fund, investing primarily in equities listed on the KSE. The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of securities offering long term capital gains and dividend yield potential. Fund Performance Fund Information USF Benchmark Fund Type Open end FY YTD 3.31% 2.31% Fund Categorization Equity Apr % 0.16% Risk Profile High Since Inception (CAGR)*** 15.53% 11.68% Launch Date 4 Aug 06 Standard Deviation* 17.83% 18.22% Benchmark KSE 100 Index Sharpe Ratio** (0.72) (0.76) Listing Pakistan Stock Exchange (PSX) Beta* Trustee Central Depository Company (CDC) Alpha*^ 0.97% Auditor Deloitte M. Yousuf Adil Saleem & Co. R Square^^ 96% Management Co.Rating AM1 (JCR VIS) Price to Earning Ratio ^^^ 8.48x 8.50x Minimum Investment Rs. 500 Dividend Yield ^^^ 4.19% 5.56% Load 2.5% (Front end) Value at Risk 1.36% 1.39% Dealing Days Monday to Friday Expense Ratio % Cut off times 4:00 PM Pricing Mechanism Forward Mar'18 Apr'18 % Management Fee 2% p.a. Fund Size (PKR Mn) 7,254 7, % Fund Manager Mubashir Anis, CFA NAV (PKR) % Investment Committee Yasir Qadri Syed Suleman Akhtar, CFA *12M Trailing. **12M Trailing, 3M PKRV yield used as Risk Free rate. *^ Alpha measures the risk adjusted performance of the fund vs. the benchmark. ^^ R Square measures the correlation between the benchmark and the fund; ^^^ Benchmark figures are for KSE 100 Index only. ***Returns have been annualized using Morningstar Methodology, 1 This includes 0.31% representing government levy, Worker's Welfare Fund and SECP fee. Selling & Marketing Expense PKR million Members Head of Risk Farhan Bashir Khan * Head of Risk non voting observer Mubashir Anis, CFA Note: Benchmark has been changed effective from October 2016; Previously 85% of KSE 100 Index + 15% of MSCI ACW Index Equity Sector Allocation (% of Total Assets) Others, 24% Power Generation & Distribution, 7% Cement, 8% Commerical Banks, 21% Oil & Gas Exploration Companies, 17% Fertilizer, 10% Asset Allocation (% of Total Assets) Feb'18 Mar'18 Apr'18 Equities 85% 83% 87% International Investments 0% 0% 0% Cash 14% 15% 12% Others 0% 2% 0% Leverage Nil Nil Nil Since 3 Months 6 Months 1 Year 3 Years 5 Years Top Ten Equity Holdings (% of Total Assets) Inception Habib Bank Ltd 5.6% Mari Petroleum Co. Ltd 4.8% USF 3.09% 12.78% 6.77% 45.36% % % Engro Corporation 5.5% Bank Alfalah Ltd 4.7% Benchmark 3.27% 14.82% 7.73% 30.69% % % Oil And Gas Development Co. Ltd 5.1% Allied Bank Ltd 4.2% Returns are on absolute basis United Bank Ltd 5.0% Pak Petroleum Ltd 4.1% Hub Power Co. Ltd 4.8% Pak Oilfields Ltd 3.0% Disclosures regarding Sindh Workers Welfare Fund Value of 100 Rupees invested 12 months ago 115 The Fund/Scheme has maintained provisions against Sindh Workers Welfare Fund liability to the tune of Rs. 49,389,089, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.48/0.65% Monthly Yield May'17 Jun'17 Jul'17 Aug'17 Sep'17 Oct'17 Nov'17 Dec'17 Jan'18 Feb'18 Mar'18 Apr'18 CYTD USF 4.54% 7.77% 1.40% 9.07% 0.88% 5.19% 0.57% 1.13% 7.57% 1.80% 5.54% 0.53% 10.89% Benchmark 2.62% 7.96% 1.19% 10.44% 2.92% 6.58% 0.99% 1.15% 8.84% 1.84% 5.37% 0.16% 12.40% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. All returns are calculated assuming reinvested dividends. The calculation of performance does not include cost of sales load. MUFAP's Recommended Format Page 11
6 Al Ameen Shariah Stock Fund Managed by: UBL Fund Managers Limited Investment Objective ASSF is an open end Equity Fund, investing primarily in Shariah compliant equities. The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of securities offering long term capital gains and dividend yield potential. Fund Performance Fund Information ASSF Benchmark Fund Type Open end FY YTD 5.57% 2.00% Fund Categorization Islamic Equity Apr % 0.05% Risk Profile High Since Inception (CAGR)*** 16.81% 17.04% Launch Date 24 Dec 06 Standard Deviation* 18.21% 21.07% Benchmark KMI 30 Index Sharpe Ratio** (0.90) (0.70) Listing Pakistan Stock Exchange (PSX) Beta* Trustee Central Depository Company (CDC) Alpha*^ 1.58% Auditor Deloitte M. Yousuf Adil Saleem & Co. R Square^^ 96% Management Co.Rating AM1 (JCR VIS) Price to Earning Ratio ^^^ 9.11x 9.20x Minimum Investment Rs. 500 Dividend Yield ^^^ 4.38% 5.14% Load 2.5% (Front end), Nil (Back end) Value at Risk 1.05% 1.15% Dealing Days Monday to Friday Expense Ratio % Cut off times 4:00 PM Pricing Mechanism Forward Mar'18 Apr'18 % Management Fee 2% p.a. Fund Size (PKR Mn) 7,391 7, % Fund Manager Asim Wahab Khan, CFA NAV (PKR) % Investment Committee Yasir Qadri Syed Suleman Akhtar, CFA *12MTrailing. **12MTrailing, 3MPKRV yield used as Risk Free rate. *^ Alpha measures the risk adjusted performance of the fund vs. the benchmark.^^ R Square measures the correlation between the benchmark and the fund. ^^^ Benchmark figures are for KMI 30 Index only. ^^^^ NAV based. ***Returns have been annualized using Morningstar Methodology. 1 This includes 0.31% representing government levy, Worker's Welfare Fund and SECP fee. Selling & Marketting Expense PKR million Members Head of Risk Farhan Bashir Khan * Head of Risk non voting observer Asim Wahab Khan, CFA *Reconstitution of the Fund on 18th July 2012 from "Islamic Balanced to Islamic Equity" Sector Allocation (% of Total Assets) Others, 25% Oil & Gas Marketing Companies, 5% Oil & Gas Exploration Companies, 22% Asset Allocation (% of Total Assets) Feb'18 Mar'18 Apr'18 Equities 84% 83% 85% Sukuks 0% 0% 0% GoP Ijarah Sukuks 0% 0% 0% Cash 16% 15% 15% Others 0% 2% 0% Leverage Nil Nil Nil Power Cement, 12% Generation & Distribution, 9% Fertilizer, 12% Since 3 Months 6 Months 1 Year 3 Years 5 Years Top Ten Equity Holdings (% of Total Assets) Inception Engro Corporation 8.0% Lucky Cement Co. Ltd. 4.1% ASSF 1.97% 10.43% 10.39% 43.69% % % Oil & Gas Development Co. 6.7% Engro Fertilizer Ltd. 3.8% Benchmark 3.24% 14.46% 8.81% 39.46% % % Hub Power Co. Ltd. 6.6% Pak Oilfields Ltd. 3.6% Returns are on absolute basis Mari Petroleum Co. Ltd. 6.2% Kohat Cement Co. Ltd. 3.5% Pak Petroleum Ltd. 6.0% Nishat Mills Ltd. 3.5% Value of 100 Rupees invested 12 months ago Disclosures regarding Sindh Workers Welfare Fund The Fund/Scheme has maintained provisions against Sindh Workers Welfare Fund liability to the tune of Rs. 63,332,395, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 1.23/0.85% Monthly Yield May'17 Jun'17 Jul'17 Aug'17 Sep'17 Oct'17 Nov'17 Dec'17 Jan'18 Feb'18 Mar'18 Apr'18 CYTD ASSF 3.52% 8.34% 0.78% 9.88% 0.75% 5.07% 0.61% 0.50% 7.10% 2.52% 4.46% 0.14% 9.21% Benchmark 3.53% 10.12% 0.72% 11.94% 2.49% 5.80% 1.19% 0.76% 8.74% 2.02% 5.31% 0.05% 12.27% For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. All returns are calculated assuming reinvested dividends. The calculation of performance does not include cost of sales load. MUFAP's Recommended Format Page 8
7 Al Ameen Islamic Sovereign Fund Managed by: UBL Fund Managers Limited Investment Objective AISF is an open end Shariah Compliant Income Fund which aims to generate a competitive return with minimum risk, by investing primarily in Shariah Compliant Government Securities. Fund Performance Fund Information AISF 1 AISF 2 Benchmark Fund Type Open end FY YTD (p.a.) 2.67% 2.68% 4.87% Fund Categorization Shariah Compliant Income Fund April 2018 (p.a.) 7.05% 7.28% 5.15% Risk Profile Low Since Inception (CAGR) 7.26% 6.47% Launch Date 7 Nov 10 Standard Deviation* 0.56% 1.19% Benchmark Average of 6M PKISRV rates. Sharpe Ratio** (4.30) (0.82) Listing Pakistan Stock Exchange (PSX) Weighted Avg Time to Maturity 0.55 Years Trustee Central Depository Company (CDC) Expense Ratio % Auditor KPMG Taseer Hadi and Co. Shariah Advisory Board Mr. Hassaan Kaleem & Mr. Najeeb Khan Management Co. Rating AM1 (JCR VIS) Mar'18 Apr'18 % Fund Stability Rating AA (f) (JCR VIS) Fund Size (PKR Mn) 4,907 5, % Minimum Investment Rs. 500 Fund Size excluding FoFs (PKR Mn) % Load 1.0% (Front end) NAV (PKR) % Dealing Days Monday to Friday 1 Simple Annualized Return 2 Morning Star Return * 12m Trailing ** 12m Trailing, 3M PKRV yield is used as a risk free rate 3 This includes 0.23% representing government levy, Worker's Welfare Fund and SECP fee. Note: Benchmark has been changed effective from October 2016; Previously Average of 6 Months Deposit Rates of 3 Islamic Banks (with AA or better banks) Cut off times 4:00 PM Pricing Mechanism Forward Management Fee 1.00% p.a. Fund Manager Shabbir Sardar Zaidi, CFA Investment Committee Yasir Qadri Syed Suleman Akhtar, CFA Members Head of Risk Farhan Bashir Khan * Head of Risk non voting observer Shabbir Sardar Zaidi, CFA Portfolio Quality (% of Total Assets) AA, 0% AA, 19% Asset Allocation (% of Total Assets) Feb'18 Mar'18 Apr'18 GoP Ijara Sukuks 71% 82% 75% Cash 17% 5% 14% Others 1% 1% 2% Placements with banks 11% 12% 10% Leverage Nil Nil Nil Total Amount Invested by FoFs is PKR 4, Mn Government Securities, 75% Key Interest Rates Since 3 Months 6 Months 1 Year 3 Years 5 Years KIBOR (1M, 6M, 1Y)* 6.23% 6.38% 6.66% Inception Discount Rate 6.50% AISF (p.a) 3.68% 3.52% 3.62% 4.36% 5.52% 7.26% CPI (Apr) Y o Y Basis 3.68% Benchmark 5.22% 5.00% 5.07% 5.08% 5.96% 6.47% * Average during month AA+, 0% AAA, 4% Others, 2% Returns are annualized using the Morningstar Methodology Disclosure of Excess/(Short) Exposure as a %age of NA as at Apr 30, 2018 Disclosure of Excess/(Short) Exposure as a %age of NA as at Apr 30, 2018 Name of Investment Required* Average* Excess/(Short) Name of Investment Exposure Type % of NA Limit Excess Government Securities 70.00% 75.40% 5.40% TDR Faysal Bank Per Entity 9.76% 10.00% 0.24% * 90 Days Average Value of 100 Rupees invested 12 months ago Disclosures regarding Sindh Workers Welfare Fund The Fund/Scheme has maintained provisions against Sindh Workers Welfare Fund liability to the tune of Rs. 5,291,119, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.10/0.10%. Monthly Yield* May'17 Jun'17 Jul'17 Aug'17 Sep'17 Oct'17 Nov'17 Dec'17 Jan'18 Feb'18 Mar'18 Apr'18 CYTD AISF 2.99% 14.40% 4.13% 2.42% 3.38% 4.42% 4.18% 4.03% 1.90% 0.98% 2.75% 7.28% 3.22% Benchmark 5.19% 7.00% 4.40% 4.62% 4.83% 4.86% 4.86% 4.74% 4.78% 5.05% 5.45% 5.15% 5.11% *Returns are annualized using the Morningstar Methodology For periodic returns as per SECP's SCD Cirular No. 16 of 2014, refer to the end of this FMR Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. All returns are calculated assuming reinvested dividends. The calculation of performance does not include cost of sales load. MUFAP's Recommended Format Page 5
8 Historical Performance Disclosure as per SECP's SCD Circular No. 16, 2014 Fund Managers Report The periodic returns for the funds have been presented below as per SECP's SCD Circular No. 16 dated July 03, The returns presented below are: - Yearly returns for the last five fiscal years, and - Absolute returns for every fiscal year since inception The returns have been annualized for money market, income and aggressive income schemes where the performance evaluation period is less than one year. Last 3 & 5 Fiscal Years FY'13 FY'14 FY'15 FY'16 FY'17 FY'13 FY'14 FY'15 FY'16 FY'17 UBL Money Market Fund 9.31% 7.81% 7.98% 5.15% 5.41% AISF 9.09% 8.10% 6.15% 4.35% 5.56% Benchmark 10.27% 10.06% 8.61% 5.91% 5.31% Benchmark 7.09% 7.49% 7.66% 5.39% 4.67% UBL Stock Advantage Fund 55.20% 31.48% 22.05% 14.01% 30.15% ASSF 49.59% 34.36% 27.07% 14.47% 29.19% Benchmark 45.98% 38.06% 13.47% 7.56% 22.83% Benchmark 51.20% 29.89% 20.10% 15.53% 18.80% Since Inception Absolute returns UMMF vs Benchmark (Fund return in top row) AISF vs Benchmark (Fund return in top row) FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY' % 21.6% 32.9% 43.2% 54.7% 62.6% 71.5% % 19.9% 30.8% 41.3% 50.0% 56.6% 65.3% % 24.5% 37.3% 51.1% 64.1% 69.7% 78.8% % 13.7% 21.7% 30.8% 40.9% 46.7% 53.6% USF vs Benchmark (Fund return in top row) ASSF vs Benchmark (Fund return in top row) FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY' % 0.0% 35.5% 52.4% 136.5% 210.9% 279.5% 333.0% 463.1% -5.5% 9.9% 39.0% 63.6% 144.8% 228.9% 317.9% 378.4% 518.0% -32.9% -8.9% 16.1% 25.2% 82.7% 152.3% 186.3% 204.9% 274.5% 3.5% 32.0% 67.1% 88.2% 184.6% 269.7% 344.0% 412.9% 509.3% Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. All returns are calculated assuming reinvested dividends. MUFAP's Recommended Format Page - 16
9
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